In this day and age, businesses are increasingly turning to the Internet to expand into new markets and explore new opportunities. It is clear that e-Business is not merely international, but now globally integrated.
For the first time in human history, it is possible to purchase something from anywhere in the world, and to do business with foreign companies on the other side of the planet with a few mouse clicks.
But where there are opportunities there are always those who are willing to bend the rules to make a quick buck, and that is true in the international money transfer game too. If your business requires you to send and receive international payments, listen up.
It’s common practice for international transfer companies to tack on hidden fees to your transfers or use exchange rates which are different from what they publicly advertise. Like story short, it’s not uncommon for the recipient of an international payment to receive a nasty surprise when they see the transfer company has gouged out a much bigger chunk than expected.
This is especially so when dealing with greater sums of money. A little variation in currency conversion and other seemingly minor factors can mean a great unneeded cost to one side (you) and a great financial bonus to the other (the transfer company or bank).
It is therefore of vital importance that those engaging in international trade take the time to do their homework when it comes to the most reliable way to transfer money.
There are many ways to send large amounts of money overseas – surprisingly few are worth recommending. Most methods are about as secure as giving cash to a carrier-pidgeon and sending it on its way, crossing your fingers that it will arrive at the right place on time.
One of the big go-to companies for this kind of thing is Paypal. They’re a big, well-known brand and they’re pretty reliable. The only problems are they take a pretty hefty chunk of the cash you’re sending, and if you’re processing large sums – for instance, if you run an online services business where clients are paying upwards of $10,000 in one payment – you’re going to feel the sting if you’re relying on Paypal. On top of that, their customer servie is horrendous so good luck finding a solution if something goes wrong. $
Lately, we’ve been experimenting with some of the newer services on the market like Transferwise and OrbitRemit, designed to be faster and more reliable alternative to bank transfers or one of the giants like Paypal. So far we’ve had great experiences with Orbit Remit in particular, whose customer service is the best we’ve come across in the industry so far.
Long story short – if you’re going to be sending cash online, protect your neck. Use a reliable provider with solid online reviews, and make sure you know exactly what the fees and exchange rates are going to be before you hand over the cash.